If you buy a put option for a $ 100,000 Treasury bond futures contract with a strike price of 118 and the price of the bond (Treasury bond) is 120 on the redemption date, the contract is "in the money", "out of the money" or "At the money"?

How big is the profit or loss on the contract if the premium on the option is $ 2,500?

Assume that you instead agreed to sell the underlying bonds at the futures and the price developed as above. How big would the gain or loss on the forward contract be?